Yes. Please post a picture.

Well the plant sounds like Mugwort(Artemisia Vulgaris) it folwers like someitme in September and the folwers should look like culsters of cotton (but is not)(which can range from white to yellow) the plant is used in moxibustion (which you can google your self (lol))
Its considered very a very scared plant in some other parts of the world but here in the United States its considered a common garden weed anyway you can find out more about it following this link
Moxibustion http://www.sarah-lac.com/blog/2009/03/01/moxibustion-moxa-artemisia-vulgaris-mugwort/
and Mugwort here:
http://en.wikipedia.org/wiki/Artemisia_vulgaris
No its not posionus at all and you should feel like fuzz on the underside of the leaves so no its not poisionus but the essential oil of the plant marketed under the name "Armoise" is a neurotoxin!
You can smeer the walk way and around your home with them to keep out bugs actually they will die from eating it and rat or mice hate its bitter smell and taste. So overall its a good plant not a bad one like posion ivy >.